Madrid (EFE).- The infrastructure group Ferrovial has summoned investors tomorrow Thursday to explain its corporate strategy after announcing a few days ago the transfer of its registered office from Spain to the Netherlands, a decision that has provoked criticism from the Government.
As reported by the company to the National Securities Market Commission (CNMV) this Wednesday, the conference will take place at 10:00 a.m. electronically and no questions will be allowed at the end of the presentation.
In the documentation sent to the CNMV, the company chaired by Rafael del Pino -the third largest fortune in Spain- breaks down its financial results for 2022 and its prospects for the future, although it does not provide new information on its corporate reorganization process.
What the company does explain is that, looking to the future, it hopes to find attractive investment opportunities in the United States – where it plans to start trading – and advance in its decarbonization strategy.
The meeting with fixed-income investors takes place a little over a week after the company’s announcement to move its headquarters to the Netherlands to improve its financing conditions, without affecting employment, investments and the activity they generate in Spain.
Ferrovial’s decision has met with criticism from the Government, who have branded it an “error”, since they believe that the company “owes everything to Spain” and the transfer “represents a lack of commitment to the country”, in addition to consider “ridiculous” the argument that the change seeks more legal certainty.
Faced with the rejection generated, the company has defended the legal system and the stability that Spain offers as one of the best in the world, in addition to remembering that the fiscal impact of the transfer of headquarters is “neutral”.
Continuity in Spain
According to the company, Ferrovial’s departure to the Netherlands will not jeopardize its continuity in Spain, where it ensures that it will maintain employment, activity and investments, in addition to continuing to contribute fiscally.
In this sense, the company has announced on Tuesday the purchase of two photovoltaic solar projects in Andalusia in which it will invest 75 million euros during their construction, as well as interest in another five offshore wind projects in different parts of the Spanish coast.
The change of headquarters will bring with it its listing on the Amsterdam stock market as a step prior to debuting with its parent company -and not with subsidiaries- in an index of the United States stock market, something that no Spanish company has done to date and that could happen before the end of the year.
Likewise, the transfer will mean the arrival of some 20 managers and managers of Ferrovial to the Netherlands, where there are already about 12 people. It will be there where, if the shareholders’ meeting so decides within a period of six months, Ferrovial will hold the next ones and where its board of directors meets.
The company calculates that the operation will have an expense of 20 million, largely in advisors, and will mean stopping paying in Spain about 8 million for withholdings for dividends paid.
According to Ferrovial, the fact of being based in the Netherlands will bring less volatility in its financing costs as the country enjoys a better risk premium, more access to financing and greater notoriety for a brand that concentrates most of its revenue in North America.
